224-770-5305

BENEFITS & COSTS

IBEW Local 51

Summary of Benefits & Costs

These coverages are guaranteed approved for all actively working/dues paying Members of IBEW Local 51. No medical tests, questions, or underwriting.

For quick and easy enrollment, call Cornerstone at 224-770-5305 (M-F 8am-5pm CST)

Short-Term Disability (STD)

  • Benefit pays on day 15 of injury or illness for up to 24 weeks
  • STD Option A pays a flat weekly benefit of either $250 or $500
  • STD Option B pays a weekly benefit of 50% of your pre-disability earnings
  • Pre-existing conditions are covered after 12 months
  • Covers off the job disabilities resulting from injury or illness
  • Stackable with other benefits up to 100% of pre-disability earnings
  • Benefits paid are tax free
STD Option A – Flat Rate Benefits
Age $250 Weekly Benefit $500 Weekly Benefit
0 – 29 $18.45 $35.40
30 – 39 $19.15 $36.90
40 – 49 $21.95 $42.75
50 – 59 $31.18 $62.10
60 – 69 $43.20 $86.90

* Stackable with other benefits to 100% of pre-disability earnings

STD Option B – 50% of Weekly Income
Annual Earnings Max Weekly Benefit 0 – 29 30 – 39 40 – 49 50 – 59 60 – 69
$60,000 $576.92 $22.44 $23.77 $28.15 $40.90 $57.23
$70,000 $673.08 $25.68 $27.23 $32.35 $47.22 $66.27
$80,000 $769.23 $28.92 $30.69 $36.54 $53.54 $75.31
$90,000 $865.38 $32.16 $34.15 $40.73 $59.86 $84.35
$100,000 $961.54 $35.40 $37.62 $44.92 $66.17 $93.38
$110,000 $1,057.69 $38.64 $41.08 $49.12 $72.49 $102.42
$120,000 $1,153.85 $41.88 $44.54 $53.31 $78.81 $111.46

Long-Term Disability (LTD)

  • Pays after 180 day waiting period (starts when STD ends)
  • LTD Option A pays a flat $2,500 Monthly Benefit for up to 5 years
  • LTD Option B pays a monthly benefit of 60% of your pre-disability earnings for up to 10 years
  • Pre-existing conditions are covered after 12 months
  • Covers on and off the job disabilities resulting from injury or illness
  • Offset by other benefits
  • Benefits paid are tax free
LTD Option A – Flat Rate Benefit
Age $2,500 Monthly Benefit
0 – 29 $5.15
30 – 39 $7.65
40 – 49 $15.28
50 – 59 $31.35
60 – 69 $46.10

* Benefit cannot exceed 60% of your monthly earnings

LTD Option B – 60% of Monthly Income
Annual Earnings Max Monthly Benefit 0 – 29 30 – 39 40 – 49 50 – 59 60 – 69
$60,000 $3,000 $8.04 $15.51 $36.33 $62.94 $58.89
$70,000 $3,500 $8.88 $17.60 $41.89 $72.93 $68.21
$80,000 $4,000 $9.72 $19.68 $47.44 $82.92 $77.52
$90,000 $4,500 $10.56 $21.77 $53.00 $92.91 $86.84
$100,000 $5,000 $11.40 $23.85 $58.55 $102.90 $96.15
$110,000 $5,500 $12.24 $25.94 $64.11 $112.89 $105.47
$120,000 $6,000 $13.08 $28.02 $69.66 $122.88 $114.78

* Benefit cannot exceed 60% of your monthly earnings

Life and Accidental Death & Dismemberment (AD&D)

  • Guaranteed approved coverage for member, spouse, and children – NO pre-existing condition limitations
    • All life coverage includes an equal amount of AD&D. If death is caused by an accident, benefit doubles
  • Member coverage of $50,000
    • Spousal and child coverage is available when member life coverage is elected
  • Spousal coverage of $25,000 not to exceed 100% of member election
  • Child(ren) eligible for a flat $10,000 of coverage – All eligible children are covered for $1.90 per month
  • Life coverage is convertible & portable
Benefit and Monthly Premium
Benefit 0 – 29 30 – 39 40 – 49 50 – 59 60 – 69
Member Monthly Premium
$50,000 $8.05 $9.15 $15.60 $36.20 $84.85
Spouse Monthly Premium
$25,000 $5.03 $5.58 $8.80 $19.10 $43.43
Child(ren)/Dependent(s) Monthly Premium
$10,000 All children covered at one cost of $1.90
IMPORTANT NOTE:

If you leave the union or retire it is your responsibility to contact our office immediately at 224-770-5305. Failure to do so within 30 days will forfeit your ability to keep coverage and receive any premium refunds. Premium is determined by your age on the coverage effective date, and will increase on the next policy anniversary date after you enter the next age band. Benefit effective dates are subject to change. The IBEW does not make any endorsement or recommendations regarding these benefits. This program is voluntary and It is solely the Members’ decision to enroll. This is a basic summary of benefits and makes no guarantee or warranty on the processing of claims. Other limitations may apply. It is recommended that each enrolled Member obtain a copy and read the entire policy booklet. All non-banking administrative and transaction fees are included in the enclosed premiums.

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Enrollment Ends 6/18/2021
Coverage Begins 7/1/2021